PARRIS N. GLENDENING, Governor Ch. 326
(C) (b) "Currency" means currency and coin of the United States or any other
country.
[(c)] (D) "Department" means the Department of Labor, Licensing, and
Regulation.
[(d)](E) (1) "Financial institution" means:
(1) (I) A national banking association;
(2) (II) A State banking institution;
(3) (III) A credit union that is organized under the laws of this State or of
the United States;
(4) (IV) Any other organization that is organized under the banking laws of
the State and subject to the supervision of the [ Bank] Commissioner;
(5) (V) A savings and loan association that is organized under the laws of
the State or of the United States; or
(6) (VI) Persons engaged in the business of cashing checks for a fee unless
performed incidental to the sale of goods or services.
(2) "FINANCIAL INSTITUTION" DOES NOT INCLUDE ANY PERSON
LICENSED BY THE COMMISSIONER UNDER TITLE 11 OF THIS ARTICLE.
[(e)](F) "Person" means an individual, partnership, firm, trust, estate,
association, corporation, or other entity.
[(f)](G) "Secretary" means the Secretary of Labor, Licensing, and Regulation.
[(g)](H) "Transaction" includes the deposit, withdrawal, transfer, bailment, loan,
pledge payment or exchange of currency by, through or to the financial institution.
Article - State Finance and Procurement
6-209.
(c) (1) A custodian shall hold the collateral under this section for the benefit of
the State.
(2) A financial institution may use as a custodian:
(i) any banking institution that is approved by the [Bank]
Commissioner OF FINANCIAL REGULATION to conduct commercial banking
business in the State;
(ii) a federal reserve bank; or
(iii) any national banking association that is approved by the
Comptroller of the Currency to conduct banking business in the State.
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